WS #11440
OPEC+ approved a 188,000 bbl/d output increase for August, the fifth consecutive monthly increase, as Gulf oil exports rebounded above 10 million bbl/d in June following the Strait of Hormuz reopening, pushing Brent crude back to ~$72/bbl and erasing the war premium. Shipping data confirms Gulf oil exports rebounded above 10 million bbl/d in June, with tanker crossings through the Strait of Hormuz reaching the highest level since the conflict began, supporting the oil supply normalization thesis.
OPEC+ Output Increase and Oil Market Normalization
OPEC+ approved a 188,000 bbl/d output increase for August, the fifth consecutive monthly increase, as Gulf oil exports rebounded above 10 million bbl/d in June following the Strait of Hormuz reopening, pushing Brent crude back to ~$72/bbl and erasing the war premium.
Shipping data confirms Gulf oil exports rebounded above 10 million bbl/d in June, with tanker crossings through the Strait of Hormuz reaching the highest level since the conflict began, supporting the oil supply normalization thesis.